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Business benefits of statistical models

In a recent meeting I was asked by a reinsurer what the advantages were of using statistical models in his business. The reinsurer knew about the greater analytical power of survival models, but he wanted more.
Written by: Stephen RichardsTags: data validation, residual, survival models

How much data do you need?

We have written before about how survival models make better use of available data. 
Written by: Stephen RichardsTags: survival models, data volumes, critical illness

Lost in translation

Actuaries have a long-standing habit of using different terminology to statisticians. This page lists some common terms used by actuaries in mortality work and their "translation" for a non-actuarial audience. The terms and notation are those used by actuaries in the UK, but in every country I have visited the local actuaries have used similar notation.

Table 1. Common actuarial terms and their definition for statisticians.

Written by: Stephen RichardsTags: central exposed-to-risk, curve of deaths, force of mortality, initial exposed-to-risk, mortality law, mortality rate, survival rates, waiting time, survival models

Out for the count

In an earlier post we described a problem when fitting GLMs for qx over multiple years.  The key mistake is to divide up the period over which the individual was observed in a model for individual mortality. 
Written by: Stephen RichardsTags: survival models, force of mortality, GLM, missing data

Postcode pricing in 15 minutes!

Just a short post to announce we've revised our overview videos for both Longevitas and mortalityrating.com.
Written by: Gavin RitchieTags: postcodes, survival models

Do we need standard tables any more?

Actuaries are long used to using standard tables. In the UK these are created by the Continuous Mortality Investigation Bureau (CMIB), and the use of certain tables is often prescribed in legislation. As actuaries increasingly move to using statistical models for mortality, it is perhaps natural that they should first consider incorporating standard tables into these models. But are standard tables necessary, or even useful, in such a context?

Written by: Stephen RichardsTags: standard table, GLM, survival models

Survival models v. GLMs?

At some point you may be challenged to decide whether to use survival models or the older generalised linear models (GLMs). You could be forgiven for thinking that the two were mutually exclusive, especially since some commercial commentators have tried to frame the debate that way.

Written by: Stephen RichardsTags: survival models, GLM, force of mortality